Allstate Corp Has $2 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Allstate Corp increased its stake in Old Dominion Freight Line by 89.1% in the fourth quarter, ending with 12,776 shares valued at about $2.0 million.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, posting $1.14 EPS versus $1.05 expected, while revenue came in at $1.33 billion and fell 2.9% from a year earlier.
• The company announced a quarterly dividend of $0.29 per share, payable June 17, and analysts currently have a Hold consensus with an average price target of $206.29.

Allstate Corp boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 89.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,776 shares of the transportation company's stock after purchasing an additional 6,019 shares during the quarter. Allstate Corp's holdings in Old Dominion Freight Line were worth $2,003,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Boston Partners bought a new position in Old Dominion Freight Line in the third quarter worth $292,599,000. Two Sigma Investments LP lifted its position in Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock worth $221,935,000 after purchasing an additional 1,362,697 shares during the period. Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line in the fourth quarter worth $188,651,000. CIBC Private Wealth Group LLC lifted its position in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock worth $614,764,000 after purchasing an additional 776,004 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after purchasing an additional 622,275 shares during the period. Institutional investors own 77.82% of the company's stock.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Up 0.6%

Shares of ODFL stock opened at $220.86 on Friday. The stock has a 50-day moving average price of $203.96 and a 200 day moving average price of $181.71. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of 46.21, a PEG ratio of 4.49 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter last year, the business earned $1.19 earnings per share. The company's revenue was down 2.9% compared to the same quarter last year. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is 24.27%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. UBS Group raised their target price on Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft cut Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 target price for the company. in a research report on Thursday, February 5th. Morgan Stanley set a $235.00 price objective on Old Dominion Freight Line and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Barclays set a $210.00 price objective on Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Finally, Citigroup restated a "neutral" rating and issued a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $206.29.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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